USD/JPY: A break above 160.00 to expose resistance at 160.25 – UOB Group
|The US Dollar (USD) is likely to trade sideways between 159.20 and 159.90. It could break above 160.00 but there is another resistance level at 160.25, UOB Group FX strategists suggest.
A potential jump to 160.25 is on the cards
24-HOUR VIEW: “We expected USD to trade sideways between 159.35 and 159.95 yesterday. USD subsequently traded in a range of 159.18/159.78, closing largely unchanged at 159.69 (+0.06%). The price movements still appear to be part of a sideways trading phase. Today, we expect USD to trade between 159.20 and 159.90.”
1-3 WEEKS VIEW: “We have held a positive view in USD since early last week. In our latest narrative from two days ago (24 Jun, spot at 159.85), we indicated that while USD could break above 160.00, it is worth noting that there is another resistance level at 160.25. We continue to hold the same view. On the downside, should USD break below 158.80 (no change in ‘strong support’ level), it would indicate that the USD strength has eased.”
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